TNS » Topics » 1998 Employee Stock Purchase Plan

This excerpt taken from the TNS 8-K filed Jul 15, 2009.

1998 Employee Stock Purchase Plan

 

Communications’ employees participate in the VeriSign 1998 Employee Stock Purchase Plan (“1998 Purchase Plan”).  Eligible employees may purchase common stock through payroll deductions by electing to have between 2% and 25% of their compensation withheld.  Each participant is granted an option to purchase common stock on the first day of each 24-month offering period and this option is automatically exercised on the last day of each six-month purchase period during the offering period. The purchase price for the common stock under the 1998 Purchase Plan is 85% of the lesser of the fair market value of the common stock on the first day of the applicable offering period or the last day of the applicable purchase period. Offering periods begin on February 1 and August 1 of each year. On January 1 of each year, the number of shares available for grant under the 1998 Purchase Plan will automatically be increased by an amount equal to 1% of the outstanding common shares on the immediately preceding December 31. On December 18, 2007, the 1998 Purchase Plan expired and no additional shares will be available for future offering under this Purchase Plan.

 

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